Express News Service
SRINAGAR: The Lt-Governor administration has paved the way for foreigners to invest in Jammu and Kashmir.
A policy for promotion of foreign investment in the industrial sector in the Union Territory was approved at a meeting of the Administrative Council (AC), headed by L-G Manoj Sinha and comprising Advisors to the L-G, Farooq Khan and Rajeev Rai Bhatnagar, Chief Secretary Arun Kumar Mehta and Principal Secretary to the L-G, Nitishwar Kumar.
An official spokesman said the new policy is based on the guiding framework on FDI issued by the Centre through the RBI and Department for Promotion of Industry and Internal Trade (DPIIT) and will be valid for the next 10 years.
“It aims to facilitate investments worth over Rs 100 crore with a minimum of 51% foreign stakes,” he said.
The policy provides for identifying parcels of land in various industrial estates to be given exclusively to industries with foreign investments, including vertical rise premises in the form of multi-purpose buildings/complexes, with plug and play facilities.
The land allotment process will be regulated by J&K Industrial Land Allotment Policy, 2021-30.
Such units will also be eligible for benefits, incentives and support under the Jammu and Kashmir Industrial Policy 2021-30 and New Central Sector Scheme for the industrial development of J&K.
“For optimal utilisation of land resources and to provide integrated services to multiple players, the policy also envisages the establishment of multipurpose complexes for foreign investment by developing IT tower projects through private players in Sempora, Pampore, in Kashmir and Exhibition Ground, Jammu. These towers will house different business activities and will form a part of the ‘Industrial Complex for Foreign Investment’,” added the official.
